Higher crude output coupled with a sharp rise in oil prices allowed Oman to record one of its largest fiscal surpluses in the first 11 months of 2011 despite an increase in actual expenditure, according to official data.
After registering a deficit of around RO287.4 million (Dh2.75 billion) in the first 11 months of 2010, the Gulf country’s budget balance turned into a massive surplus of RO1,156.7 million (Dh11.09billion) in the first 11 months of 2011, showed the figures by the Omani ministry of national economy.
The massive surplus was mainly a result of a 65per cent rise in oil export earnings to nearly RO7.96 from RO4.89 billion due to a sharp rise in crude prices and Oman’s oil production to nearly 885,000 barrels per day from 864,000 bpd in the same period. High oil income boosted the country’s total actual revenue by about 47 per cent to RO10.32 from RO7.02 billion.
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